In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks with Virtual CFO and the CEO of Profit Concierge, Pam Prior.
Pam explains that she began in corporate finance – she then worked her way into the mid-market and now works with entrepreneurs. She brings an amazing amount of insight to the space and she shares that the finance industry really neglects the entrepreneurial space in general. These skills and the knowledge and best practices aren’t something you’re born with. Ultimately, Pam explains that there’s no shame in not always knowing the depths of your company’s finances. If you were never shown these things, how could you know how to implement them? Pam shares that helping entrepreneurs overcome shame and fear around finances is just as important as the actionable tactics.
Pam’s one to one client base is made up of six-figure or more organizations. Profit Concierge will also work in a group format with newer entrepreneurs and startups. This format is more affordable for the less-seasoned business owner who wants to get started on the right foot. The biggest thing they help with, though, is helping an entrepreneur really understand their business. They help explain things in ways that help these business owners figure out solutions and trajectory on their own.
Josh and Pam explore how business owners can problem-solve when they recognize profit issues. She explains the two most common scenarios she sees; either the business is profitable but the business owner has nothing in the bank, the business owner has a lot of money but needs to scale to get out of the weeds, or they’re out of money altogether and hit a cash flow wall.
Dealing with the crisis in question is important, but Pam takes it a step further by permanently changing the business owner’s systems and path. They offer their clients that ease and peace of mind. They simply help get you and your team performing well within the system.
Pam also discusses how she works with her one on one clients and who would do well making that investment with her and her team. She shares that she puts educating her clients first and foremost. At the end of the day, she just wants to help entrepreneurs take better steps on their business journey. What Profit Concierge offers is true business peace of mind and a deeper understanding of your business’s finances and profitability.